Today’s business climate has proven to be incredibly challenging for businesses of all sizes.
Small businesses without large cash reserves are being particularly hammered by the COVID-19 pandemic. With lockdown orders in effect for most of the world, customers are no longer there and it may even be illegal for these businesses to open their doors.
Bills unfortunately do not stop and with cash flow issues, many businesses face unprecedented challenges that they could never have planned for.
Over the coming weeks, many small businesses will fold due to these enormous pressures.
Is there anything that they can do?
Well it might be possible to survive and weather the storm. If they don’t have the cash on hand to ride it out these small businesses need to dramatically rethink their business operations and how they bring in cash.
This episode features some advice for a pet store owner in Brooklyn, NY who is struggling to keep the lights on.